Seritage Growth Properties and First Washington Realty have formed a joint venture partnership to own The Corbin Collection, the redevelopment of the former Sears store and auto center in West Hartford, CT. The transaction values the 163,700-square-foot center at approximately $52 million.

Under terms of the JV, Seritage sold a 50% interest in the project to an affiliate of First Washington, and received proceeds of approximately $23 million at closing. The partnership simultaneously closed on a $20-million loan with M&T Bank, that can be increased by an additional $10 million subject to the achievement of certain criteria.

“We have curated a diverse group of national, growing retailers in West Hartford,” said Seritage CEO Benjamin Schall. The tenant roster includes REI, Saks OFF Fifth, Buy Buy Baby, Cost Plus World Market and Shake Shack.